National Takaful Company “Watania” shares set to be listed tomorrow

Press release
Published November 13th, 2011 - 06:41 GMT
Aref Ismail Al Khouri, Chairman of Watania
Aref Ismail Al Khouri, Chairman of Watania

Abu Dhabi Securities Exchange (ADX) has announced the listing of Watania Takaful Company, within its listed companies in the insurance sector starting tomorrow Monday, November 12, under the ticker symbol "Watania".

“Watania” will be the 10th Takaful Company to be listed on local stock markets in the UAE. The official listing of the “Watania” shares is yet another successful milestone for the company since its Initial Public Offering (IPO) of AED82.5 million was oversubscribed 7-fold to AED 620 million when it was launched in May this year.

Watania’s founding shareholders are among Abu Dhabi’s leading institutions across key industries, and include Abu Dhabi National Islamic Finance (ADNIF), Abu Dhabi National Insurance Company (ADNIC), Abu Dhabi National Energy Company (TAQA) and Aldar Properties (ALDAR), who collectively own 45% of the initial funding capital of AED 150 million.

H.E. Aref Ismail Al Khouri, Chairman of Watania said, “Watania is set to play a central role in developing the increasingly popular Shariah-compliant insurance industry in the UAE. The company has been established according to corporate governance best practices with an ethical foundation and operational and fiscal transparency which is key to building investor confidence. In addition, the company possesses the financial strength and capacity to retain risk and, thus, greater profitability within the UAE which is a key pillar supporting its position as an insurer of choice for Abu Dhabi and the UAE.”

Al Khouri continued: “Watania has opened its main facility in Abu Dhabi and has begun issuing Takaful insurance policies to both individual and corporate entities. We look forward to continuing to build our team of highly qualified and dedicated professionals, with a special focus on local Emirati talent, to further the goal of offering the UAE a strong sharia’a compliant insurance sector.”

Background Information

National Takaful Company

NTIC is a National join stock company established in 2003.
NTIC's Paid up capital is KD10,000,000 Millions.
NTIC was established by the leading business groups in both Arab & Kuwaiti market.
The company's general policy is drawn and managed by Kuwaiti board of directors in addition to the elite department managers and employees with wide experience and unique professionalism.

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